The Real Deal - New York Real Estate News

Developers score at least $689M in city financing for LIC development

Posted: 30 Dec 2019 03:05 PM PST

The developers of two new skyscrapers on the Queens waterfront just scored at least $689 million in city financing. The developers, a joint venture between Gotham Organization and RiseBoro Community Partnership, received the loan from the city’s Housing Development Corporation for their Hunters Point South mixed-use project, according to records filed with the city Monday. The massive project will include more than 1,000 residential units and be composed of two towers, according to plans filed

Bloomberg moving campaign HQ to Times Square

Posted: 30 Dec 2019 02:38 PM PST

Michael Bloomberg is moving his presidential campaign headquarters from the Upper East Side to Times Square. The new headquarters will open early in January at 229 West 43rd Street on the eighth floor, according to the Wall Street Journal. There are now more than 300 people working on the campaign, and it has outgrown its space on the Upper East Side. The space will utilize an open-office layout and include countdown clocks showing the number

RXR plans 21-story LIC office building with manufacturing incentives

Posted: 30 Dec 2019 01:30 PM PST

RXR Realty is bringing a new mixed-use office tower to Long Island City, which is set to be the first project outside of North Brooklyn to make use of Industrial Business Incentive Area (IBIA) special permits. Plans filed with the Department of Buildings last Friday call for a 21-story mixed-use building at 42-11 9th Street, just south of the Queensboro Bridge and with frontage on both 9th and 10th streets. The 396,365-square-foot building will feature

These global luxury markets are set to improve in 2020

Posted: 30 Dec 2019 01:00 PM PST

It was a tough year for sellers of high-end residential properties in many of the top markets across the globe. While 2020 could be more of the same in some cities, others are expected to fare better. Oversupply will likely continue to hamper sales in Manhattan, Los Angeles, and San Francisco, as they did this year, according to real estate experts, Mansion Global reported. Manhattan’s market particularly is under pressure from unfavorable tax reforms, property

Epic Commercial Realty lays off brokers; firm’s future in question

Posted: 30 Dec 2019 12:16 PM PST

Epic Commercial Realty — the middle-market brokerage that has gone through several management reboots in recent years — has effectively shut down. The company’s president, Ido Tzaidi, sent an email to the firms’ roughly 15 brokers and sales associates on Dec. 10 informing them that he was disassociating himself as the company’s corporate broker, one former broker told The Real Deal. In other words, because he holds Epic’s license, any brokers working under him could

GFP partnership lands $152M loan to build LIC biotech center

Posted: 30 Dec 2019 12:00 PM PST

GFP Real Estate and King Street Properties scored over $152 million in construction financing to build their new life sciences complex in Long Island City. The lender was Acore Capital, which provided the debt for InnoLabs at 45-18 Court Square, property records show. The Carlyle Group also appears to be a partner on the development, which will stand six stories and measure about 267,000 square feet. GFP and King Street announced earlier this month that

TRD South Florida’s Winter 2020 issue is live to subscribers!

Posted: 30 Dec 2019 11:30 AM PST

The first edition of a new decade is live now for The Real Deal South Florida’s subscribers. Below, issue editor Heidi Patalano outlines a few not-t0-miss highlights: If there’s one thing we love about covering this industry and its many facets, it’s the personalities. To draw millions in funding from investors who buy into your vision, one cannot be a shrinking violet. It’s the style, the panache and the showmanship of a leader that often

What retirement? Sam Chang files plans for Midtown hotel

Posted: 30 Dec 2019 11:26 AM PST

Competitive pigeon racing may have lost a major player. Hotel developer Sam Chang, who told media earlier this year he was winding down his real estate business to focus on racing the squat-bodied birds, has filed plans with the New York City Department of Buildings for a new hotel at 150 West 48th Street. Chang bought the site earlier this year from the Rockefeller Group for $140 million, according to Crain’s. Earlier this month, S3

Altmark partnership plans 135-unit South Bronx high-rise

Posted: 30 Dec 2019 09:51 AM PST

Add another project to the residential development boom taking place in the South Bronx, this one a high-rise. Developer Moshe Altmark, partner at The Altmark Group, is planning to build a 23-story, 135-unit project in Port Morris, according to plans filed with the Department of Buildings on Friday. The building will span about 95,000 square feet at 2455 3rd Avenue, and will stand 210 feet. Altmark appears to be partnering on the project with Artimus

Luxury market ending 2019 on upswing after volatile year

Posted: 30 Dec 2019 08:50 AM PST

New York’s luxury market is ending 2019 on the upswing following a volatile year, though it remains a buyer’s market. There were 11 contracts signed for properties above $4 million last week, according to the latest Olshan Realty luxury report. While that figure could be seen as fairly typical, given the time of year, Donna Olshan called it an “encouraging continuation of the recent uptick in the luxury market,” according to the report. During the

DOB ramps up façade enforcement following architect’s death

Posted: 30 Dec 2019 08:41 AM PST

After a woman was killed earlier this month by debris that fell from a Midtown building, the city is ramping up its enforcement around unsafe building façades. The Department of Buildings announced Monday that at buildings where the façades’ condition is deemed “immediately hazardous,” the agency will conduct follow-up inspections within 60 days to ensure that proper protection — such as a sidewalk shed or netting — has been installed. If not, city contractors will

Brokers in cabs: Why nothing can offend MDLNY’s Ronita Kalra

Posted: 30 Dec 2019 07:45 AM PST

In the sixth episode of The Real Deal’s “Brokers In Cabs” series, Douglas Elliman broker and ‘Million Dollar Listing New York’ star Ronita Kalra reveals how she got into the business, her philosophy on the most important piece of making deals (it’s all about the relationships, people!) and why motherhood has made her totally unflappable. “I mean, you can’t offend me if you tried,” she said. Watch the full video above to see Kalra share

Greenpoint condo was priciest contract signed in Brooklyn last week

Posted: 30 Dec 2019 07:00 AM PST

At just under $4 million, a Greenpoint condo was the priciest residential deal to go into contract in Brooklyn last week. The 2,531-square-foot unit at 155 Noble Street has three bedrooms and spans a full floor of the building. It spent 57 days on the market and went under contract at its asking price. Overall, the Brooklyn luxury market saw nine contracts signed last week, split between seven houses and two condos, according to the

Extell accuses City Club of reneging on settlement over UWS tower

Posted: 30 Dec 2019 06:20 AM PST

The City Club of New York is continuing its battle against Extell Development’s latest tower, despite a settlement, the developer claims in a new lawsuit. The community group — which almost killed Barry Diller’s Pier 55 project — had agreed to drop its case over 50 West 66th Street for a $300,000 settlement, the Commercial Observer reported, citing court documents. The suit argues that Extell had reached an oral agreement with City Club that only

WeWork co-CEOs will land $17M if they leave

Posted: 30 Dec 2019 05:47 AM PST

It may not be $1.7 billion, but it’s still a pretty penny. WeWork’s co-CEOs Artie Minson and Sebastian Cunningham will get about $17 million in exit packages if they are fired or leave WeWork, according to the Financial Times. They would each receive $8.3 million. Jennifer Berrent, the company’s chief legal officer, would get $1.5 million if she is fired or leaves, and she would not have to pay back $12 million in retention bonuses.

These were the world’s hottest luxury markets in the 2010s

Posted: 30 Dec 2019 05:00 AM PST

Where are the world’s hottest luxury residential markets? It turns out that’s a question with a very different answer every year. Most recently, the top up-and-coming market was a somewhat surprising one: Manila, which saw prime residential property values increase by 11 percent in 2018 thanks to limited supply and a booming Phillipine economy, according to the latest annual Wealth Report from global property consultancy Knight Frank. But the Phillipine capital’s chart-topping performance had as

Four home sales that caught our eye — and cost an arm and a leg

Posted: 30 Dec 2019 04:00 AM PST

It’s no secret New York’s luxury residential market has taken a haircut. And these recent eye-catching sales were no exception, with the deals closing for less — in some cases, much less — than what sellers were asking. Here are the details. Source: A TRD analysis of property records filed with the New York City Department of Finance from Dec. 17 to Dec. 27. 1. David Sackler, whose family company, Purdue Pharma, has been accused